1Q26: Long-Term Durability Data for Ficera at ASCO a Major Catalyst; Maintenance Regimen Details Provided

Research evidence excerpt

1Q26: Long-Term Durability Data for Ficera at ASCO a Major Catalyst; Maintenance Regimen Details Provided

May 11, 2026 Bicara Therapeutics

(BCAX, Buy, $28 PT)

Jeet Mukherjee, Ph.D

1Q26: Long-Term Durability Data for Ficera at ASCO a Major Catalyst; (332) 400-5178 jmukherjee@btig.com

Maintenance Regimen Details Provided Blake Gitler

(212) 527-3540 bgitler@btig.com

WHAT YOU SHOULD KNOW: BCAX reported 1Q26 earnings, with a focus on upcoming Company DataBIOTECHNOLOGY durability data across the 750mg, 1500mg, and 2000mg doses of ficera at ASCO, Closing Price $22.58

providing clarity around ficera's OS benefit and durability of response across the

Price Target $28.00 range of doses and giving potential confidence headed into the interim analysis of

the ph 3 FORTIFI trial next year. We also see a potentially cleaner catalyst setup for Market Cap (M) $1,371.06

Shares Out (M) 60.72EQUITY BCAX this year due to less pressure from competitor datasets, with petosemtamab's

frontline updates possibly delayed until next year and unclear status of amivantamab's Avg Daily Vol-3 Months (M) 0.54

OriGAMI-4 cohort 5 update. Initial data for ficera in 3L+ mCRC is also expected in 2H26. Revisions

Despite the stock being up ~37% YTD (~$1.5B mkt cap), we see room for shares to

Previous Current move higher into YE as the delta between ficera and competitor programs continues

to compress. Per mgmt, cash runway is into 1H29. Reiterate Buy rating and $28 PT. Rating Buy Buy

Price Target $28.00 $28.00RESEARCH ■ Long-Term Data Update at ASCO the Next Key Event: Investors will be focused on

FY26E EPS (2.65) (3.54) the abstract detailing long-term followup across the 750mg, 1500mg, and 2000mg

dose cohorts of ficera plus pembro. The 1500mg cohort will have the longest follow FY27E EPS (2.86) (3.62)